The rising demand for Industry 4. 0 and ability to support all fieldbus protocols are among the factors driving the growth of the IO-Link market. The IO-Link devices segment held the major share of the IO-Link market in 2020, and this trend is expected to continue during the forecast period.
New York, May 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "IO-Link Market with COVID-19 Impact Analysis by Type, Component, Industry, Application And Geography - Global Forecast to 2026" - https://www.reportlinker.com/p05601833/?utm_source=GNW
The increasing adoption of sensors, modules, RFID heads, and actuators in industrial applications is expected to create potential growth opportunities for IO-Link devices. Industry 4.0 and IoT are becoming the key technology trends for the automation and motion control industry. This has accelerated the demand for smart sensors, which is expected to drive the growth of the IO-Link devices market in the near future.
The discrete industries segment is expected to witness the highest CAGR during the forecast period.
The surging demand for new technologies from automotive, aerospace & defense, semiconductor & electronics, machine manufacturing, packaging, and medical devices industries is primarily responsible for the growth of this segment. Increasing demand for a new remote configuration, monitoring, and maintenance solution also fuels the growth of this segment.
The packaging automation solutions application is is projected to record the highest CAGR during the forecast period
The growth of this segment can be attributed to the increasing demand for packaging automation solutions by manufacturers to streamline supply chain operations. Automated conveyors and sortation systems with numerous IO-Link-capable RFID read heads and proximity sensors are used to merge, categorize, and separate products in the packaging industry.
Based on region, Europe is expected to account for the largest share of the IO-Link market by 2026.
The region is likely to dominate the market due to the high demand from automotive, aerospace & defense, and industrial manufacturing sectors.The presence of IO-Link companies such as Siemens, Hans Turck GmbH & Co.
KG, Balluff GmbH, ifm electronic GmbH, and SICK AG also aids the market’s growth in this region.
In-depth interviews have been conducted with chief executive officers (CEOs), marketing managers, and other executives from various key organizations operating in the IO-Link marketplace.
• By Company Type: Tier 1 – 25%, Tier 2 – 35%, and Tier 3 – 40%
• By Designation: C-Level Executives – 35%, Managers – 25%, and Others – 40%
• By Region: North America – 25%, Europe – 42%, APAC – 21%, and RoW – 12%
Siemens (Germany), Hans Turck GmbH & Co. KG (Germany), Balluff GmbH (Germany), ifm electronic GmbH (Germany), SICK AG (Germany), Rockwell Automation, Inc. (US), Omron Corporation (Japan), Pepperl+Fuchs (Germany), Festo SE & Co. KG (Germany), and SMC Corporation (Japan), are some of the key players in the IO-Link market.
The study includes an in-depth competitive analysis of these key players in the IO-Link market, with their company profiles, recent developments, and key market strategies.
The report defines, describes, and forecasts the IO-Link market based on type, component, industry, application, and region.It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the IO-Link market.
It also analyzes product launches, collaborations, joint ventures, acquisitions, expansions, and partnerships, carried out by the key players to grow in the market.
Key Benefits of Buying the Report
This report will help market leaders/new entrants in this industry with information on the closest approximations of the revenue numbers for the overall IO-Link market and the subsegments.The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report will also help stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05601833/?utm_source=GNW
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